Chapter 34 Motor Insurance Burglary A
Chapter 34
Motor Insurance, Burglary, and Personal Accident
Insurance
Slide prepared prepared by: by: Slide
AbdullahAl
Al Yousuf
Yousuf Khan
Khan
Abdullah
Assistant Professor
Professor -- IUBAT
IUBAT
Assistant
McGraw-Hill/Irwin
Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved.
Motor Insurance
• Motor insurance got recently a great momentum.
• In the old times, persons who were injured or got killed by motor accident, for the negligence of the motorists, could not get financial redress either to them or to their legal heirs because no scheme of insurance was present at that time.
• Vehicles for the purpose of insurance are classified as follows;
• Private: cars
• Commercial vehicles: passenger vehicle, cargo vehicle
• Motor cycles: scooters and motorcycles
Kind of Policies
• Act Liability Only: compulsory insurance in regards to liabilities arising out of using motor vehicle in a public place.
• Third Party Only: policy that covers a third party who suffers less in connection with damage of property and personal injury or death. • Comprehensive Policy: policy that covers most every liability.
1.Act Policies
• This policy is designed to meet the requirements of Motor Vehicle Act, 1939, which provides for compulsory insurance in regard to liabilities arising out of use of motor vehicles in a public place.
• This kind of policy is limited to bodily injury or death of the third parties.
Act Policy Cover Limits
• The policy covers any liability incurred in respect of anyone accident up to the following limit:
1) Goods Vehicle: up to Rs. 50,000
2) Passenger Vehicles: vehicles in which passengers are carried;
1) For hire or reward.
2) By reason of or pursuance of contract of employment.
1)
2)
–)
–)
–)
In respect of persons other than passengers carried for hire or reward – Rs. 50,000 in all. In respect of passengers,
Rs. 50,000 in all where the vehicle is registered to carry not more than 30 passengers.
Rs. 75,000 in all where the vehicle
Motor Insurance, Burglary, and Personal Accident
Insurance
Slide prepared prepared by: by: Slide
AbdullahAl
Al Yousuf
Yousuf Khan
Khan
Abdullah
Assistant Professor
Professor -- IUBAT
IUBAT
Assistant
McGraw-Hill/Irwin
Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved.
Motor Insurance
• Motor insurance got recently a great momentum.
• In the old times, persons who were injured or got killed by motor accident, for the negligence of the motorists, could not get financial redress either to them or to their legal heirs because no scheme of insurance was present at that time.
• Vehicles for the purpose of insurance are classified as follows;
• Private: cars
• Commercial vehicles: passenger vehicle, cargo vehicle
• Motor cycles: scooters and motorcycles
Kind of Policies
• Act Liability Only: compulsory insurance in regards to liabilities arising out of using motor vehicle in a public place.
• Third Party Only: policy that covers a third party who suffers less in connection with damage of property and personal injury or death. • Comprehensive Policy: policy that covers most every liability.
1.Act Policies
• This policy is designed to meet the requirements of Motor Vehicle Act, 1939, which provides for compulsory insurance in regard to liabilities arising out of use of motor vehicles in a public place.
• This kind of policy is limited to bodily injury or death of the third parties.
Act Policy Cover Limits
• The policy covers any liability incurred in respect of anyone accident up to the following limit:
1) Goods Vehicle: up to Rs. 50,000
2) Passenger Vehicles: vehicles in which passengers are carried;
1) For hire or reward.
2) By reason of or pursuance of contract of employment.
1)
2)
–)
–)
–)
In respect of persons other than passengers carried for hire or reward – Rs. 50,000 in all. In respect of passengers,
Rs. 50,000 in all where the vehicle is registered to carry not more than 30 passengers.
Rs. 75,000 in all where the vehicle